Posted: Friday, October 2, 2020. 3:37 pm CST.
By BBN Staff: Belize spent almost 19 percent less on imports for the period January-August 2020, when compared to the same period in 2019, according to the latest data released by the Statistical Institue of Belize.
The SIB published its latest External Trade Bulletin this week, which said that merchandise imports for the first eight months of the year, January to August 2020, amounted to $1.1 billion, representing an 18.8 percent ($244.8 million) decrease from the same period last year when imports totaled $1.3 billion.
The SIB noted major decreases within several commodity categories over the period, with ‘Mineral Fuels and Lubricants’ and the ‘Commercial Free Zones’ decreasing the most.
“Mineral Fuels and Lubricants Expenditures on ‘Mineral Fuels and Lubricants’ declined considerably during the period, owing mainly to the lower cost of fuel on the world market coupled with reduced quantities of diesel, regular, kerosene and bunker C fuels being imported. This category fell by almost 43 percent or $85.7 million, from more than $201 million in 2019 to $115.3 million in 2020,” the SIB said.
The SIB added that Commercial Free Zone Imports meant for the ‘Commercial Free Zones’ dropped by almost 30 percent or $63.7 million, falling from $213.8 million to $150.1 million, due to smaller imports of goods such as bags and clothing. Machinery and Transport Equipment Purchases of ‘Machinery and Transport Equipment’ went down by about 16 percent or $40.8 million, from $256.2 million in 2019 to $215.4 million in 2020, with imports of telecommunications equipment, aviation equipment, and vehicles seeing the greatest decreases within that category.
“Belize’s total imports for the month of August 2020 were valued at $143.7 million. This was a decrease of 15.2 percent or $25.8 million from imports for August 2019, which totaled $169.5 million,” the SIB said.
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